Canaccord upgrades Range Resource RRC to Hold from Sell on valuation and progress in ethane deals, while reducing its price target to $59 (previously $60) on greater inherent volatility of cyclical energy investments.
Canaccord notes, "We are upgrading RRC from Sell to HOLD and lowering our target $1 due to a slightly higher gas composition. We had viewed RRC negatively since mid-October as we believed the stock reflected an unmerited takeout premium. Since then,
RRC has declined ~20% and now trades essentially in line with our target price of
$59. Range trades at a ~70% premium to the sector ('13E EBITDA) though offers
only ~50% greater CFPS growth ('11-'13E)."
RRC closed at $57.76 yesterday.
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